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Jan 13, 2013
01/13
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we need to reduce the deficit. but, if we are going to grow the economy and get people back to work, we must invest in the future. i wanted to acknowledgement fact that the budget does reduce the deficit by $1.10 trillion. that is real money for most of us. and it is not easy to get there. bringing fiscal stability to the nation in 2017, her primary balance, none of this is easy. the budget does make strategic investments in the future. for many of us in our districts across the country, the focus on energy and evasion of education and infrastructure is important. every business i talked to said to me that we need, we look at, or locate incentives for innovation. do we have what we need to move our products and work force? is there an educated work force? they want to know -- and it starts with -- where is the infrastructure and advantage for innovation? i think we need to talk about that, because otherwise we're just looking at slash and burn, cut spending right now. the budget deficit commission said not a good i
we need to reduce the deficit. but, if we are going to grow the economy and get people back to work, we must invest in the future. i wanted to acknowledgement fact that the budget does reduce the deficit by $1.10 trillion. that is real money for most of us. and it is not easy to get there. bringing fiscal stability to the nation in 2017, her primary balance, none of this is easy. the budget does make strategic investments in the future. for many of us in our districts across the country, the...
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Jan 13, 2013
01/13
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jobs deficit. and to me this bill simply put a band aid on the problem. it did do something the president wanted to do, committed to do. he delivered on the promise to try to help protect the middle class but my fear is that in these next 3 -- three political maneuvers we're going to see that people will start attacking the middle class and i believe that this was our best opportunity to really take care long term the issues that we need to address to a balanced approach. >> so to follow up, you voted early, i was watching the board. you voted early. you didn't vote to see if it was going to pass and then vote no. was the idea that obama kind of lost some leverage there that you wanted to see it fail because obama now has to go back to the debt ceiling and he doesn't have the benefit of tax cuts looming? >> i knew it was going to pass. after the republicans walked away from the negotiations and then tried to plan b by speaker republican speaker bane thear failed where republicans wouldn't support t
jobs deficit. and to me this bill simply put a band aid on the problem. it did do something the president wanted to do, committed to do. he delivered on the promise to try to help protect the middle class but my fear is that in these next 3 -- three political maneuvers we're going to see that people will start attacking the middle class and i believe that this was our best opportunity to really take care long term the issues that we need to address to a balanced approach. >> so to follow...
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Jan 14, 2013
01/13
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we'd be looking at deficits. >> $6 billion to $8 billion. >> yes. basically what we have in this budget proposal, what the governor's put forth is essentially $4.1 billion more just to k-12 and higher education. breaks down roughly to about $1 billion to higher ed and $2.7 billion more going in in this forthcoming budget year for k-12. that money and the money that has been, has shored up this year's figures would be gone. it would not be there. and we'd be at the historic low spending that we have had for years. frankly, you know, he's contemplating having $2,700 more state funding per student by 2016-2017. we've been on the decline for that for years. we're somewhere down around 4 44t9th in per student state spending. this is going to lift us out of the pit. >> it has potential. people are looking the at this potential and say this could be the real deal but we have to wait to see the real numbers. >> exactly. >> it has been praised by a lot of people. >> from both sides of the aisle. >> both sides. the good news there, there's more good news, rig
we'd be looking at deficits. >> $6 billion to $8 billion. >> yes. basically what we have in this budget proposal, what the governor's put forth is essentially $4.1 billion more just to k-12 and higher education. breaks down roughly to about $1 billion to higher ed and $2.7 billion more going in in this forthcoming budget year for k-12. that money and the money that has been, has shored up this year's figures would be gone. it would not be there. and we'd be at the historic low...
SFGTV2: San Francisco Government Television
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Jan 21, 2013
01/13
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our budget, we have a mess, i inherited a budget deficit of $26 billion. we have cut that substantially. from the mortgage meltdown that occurred because of the bad decisions and this behavior throughout our economy, the revenue in california is up 23%. that is a big number. america, the asset values were destroyed, something like $7 trillion. a lot of that was a bubble. that was popped and resulted -- we have had to manage a difficult situation. even before the bubble popping, there was excess. because the money flows in in a regular amounts, when money is good, everybody feels good. when $14 billion came in, they thought they were king of the mountain and spend it. arnold came in to clean it up. a couple years later, he left town and $26 billion this year. this has been the nature for the last decade, kicking the can down the road. not talking straight. the way it is. the way it is, it is a tale of two cities. there is fabulous wealth and link electronics, inc. model number: pdr-885 software version: 3.0c in some places it would be food or shelter or lov
our budget, we have a mess, i inherited a budget deficit of $26 billion. we have cut that substantially. from the mortgage meltdown that occurred because of the bad decisions and this behavior throughout our economy, the revenue in california is up 23%. that is a big number. america, the asset values were destroyed, something like $7 trillion. a lot of that was a bubble. that was popped and resulted -- we have had to manage a difficult situation. even before the bubble popping, there was...
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Jan 13, 2013
01/13
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you said the deficit we should focus on is the jobs deficit. >> is our biggest deficit, the jobs deficit. if you get people back to work, they are carrying -- paying their fair share of taxes. the treasury is receiving revenue. if the treasury is renewing -- is receiving more revenue, the deficit shrinks. we can grow the economy. the best way to do that is to put american, middle-class workers back to work. to me, every time you talk about stifling the economy through these very aggressive cuts to services and earned benefits, you are not helping the economy grow. the jobs deficit, to me, is the biggest deficit we face. but we have a lot of other challenges. social security medicare are among bashar not among the most immediate challenges. if you ash social security and medicare are not among the most immediate challenges. we have paid some $15 trillion in payroll tax to take care of social security benefits. how much have we actually used in benefits received by all americans? $14 trillion. we have a one dollar trillion -- $1 trillion in cash. all the trillions of dollars we have paid t
you said the deficit we should focus on is the jobs deficit. >> is our biggest deficit, the jobs deficit. if you get people back to work, they are carrying -- paying their fair share of taxes. the treasury is receiving revenue. if the treasury is renewing -- is receiving more revenue, the deficit shrinks. we can grow the economy. the best way to do that is to put american, middle-class workers back to work. to me, every time you talk about stifling the economy through these very...
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Jan 15, 2013
01/13
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carolina has said, a deficit crisis of huge proportions. with an economy that's fighting to recover, and any expenditure must be weighed against all other needs facing our nation. now, i don't take the backseat to anyone when it comes to cutting spending. since i have chaired this committee, the last two years we've cut $100 billion off of discretionary spending. two years in a row going on a third. that's not happened since world war ii. so i know where i speak. in this case, madam chair, the needs are very desperately clear. we must provide this emergency funding as we are allowed by law without the devastating slash and burn cuts elsewhere that this amendment would cause. the amendment before us would splash nearly $20 billion from discretionary spending this year alone, totally indiscriminant, unspecific, cutting the good and the bad, completely abdicating the responsibility of congress to determine where spending should or should not occur. to put this in perspective, this amendment contains a cut to regular discretionary spending that
carolina has said, a deficit crisis of huge proportions. with an economy that's fighting to recover, and any expenditure must be weighed against all other needs facing our nation. now, i don't take the backseat to anyone when it comes to cutting spending. since i have chaired this committee, the last two years we've cut $100 billion off of discretionary spending. two years in a row going on a third. that's not happened since world war ii. so i know where i speak. in this case, madam chair, the...
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Jan 14, 2013
01/13
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their rubies smaller running deficits but that was the course scope and size issue. they said it is semantics but that is not the case. lori: do they not like him because he is a tough negotiator? >> that is part of it. >> except john kerry every nomination is criticized even in hagel is not good enough. so the backdrop of the obama was working in with a first term and dynamics were different but that was a solid choice and we could have huge ffghts ahead of us. >> with the cuts coming he no -- we know he will support the spending increase. republicans argue the days of the surplus are long gone. he is in favor of a total reform? >> isn't that much tougher fight? >> it will be fight right -- jeff regardless. he has seen it done before. with 1983 james baker sat down with tip o'neill at 9:00 tonight and signed the final agreement. we don't have that environment anymore. maybe that is good for the sunshine law but with intense media scrutiny and day-to-day negotiations it is tougher to get the deal done. i would like for them to go to camp david for one week. lori: wit
their rubies smaller running deficits but that was the course scope and size issue. they said it is semantics but that is not the case. lori: do they not like him because he is a tough negotiator? >> that is part of it. >> except john kerry every nomination is criticized even in hagel is not good enough. so the backdrop of the obama was working in with a first term and dynamics were different but that was a solid choice and we could have huge ffghts ahead of us. >> with the...
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Jan 15, 2013
01/13
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CNNW
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that's the smallest monthly deficit in five years. some of that is artificial. people pulling transactions forward because they were afraid of higher tax rates in 2013. but for the first three months of 2013, we have a rapidly shrinking fiscal 2013, we have a rapidly shrinking deficit. so we are in a way chasing a vanishing problem. >> which is interesting, and that would allow for some things that are dirty and things that are not so dirty, would completely perhaps get rid of this problem after a while. do you think we're headed for a full stalemate? >> it's such a shame. i think david is right because we have low debt service right now. we're paying less interest on our debt than we had in the reagan and bush administrations before because interest rates are so low. >> but they're going to go up one day. >> but not for several years. i'll say it, we should be borrowing more at 30-year, 3% terms, so we can invest in the long-term growth of this economy. this is not the time for further austerity and cuts. if we were even to consider that right now, it would be
that's the smallest monthly deficit in five years. some of that is artificial. people pulling transactions forward because they were afraid of higher tax rates in 2013. but for the first three months of 2013, we have a rapidly shrinking fiscal 2013, we have a rapidly shrinking deficit. so we are in a way chasing a vanishing problem. >> which is interesting, and that would allow for some things that are dirty and things that are not so dirty, would completely perhaps get rid of this...
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Jan 16, 2013
01/13
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the deficit is much greater. when i think of the ways and means committee, would change their has been in the composition. the ranking member at a time when i started went to the world bank. i worked with bill on trade. he was handling the tax material mainly. and bill was working on health care at the time. i think a second major change is very much effective today and affects us today. it is this change in composition of the republican party. i think it has moved very much more to the right. i think that makes it very difficult to handle the problems that we have before us. let me comment briefly on where we are. you offer the president yesterday. we have had spending cuts of a trillion and a half dollars. it comes from the budget control act. we have a trillion and a half of spending cuts. essentially in terms of deficit reduction, and has over 600 billion. the account interest, we have essentially of a deficit reduction of $2.5 trillion. the president set a goal of an additional $1 trillion in deficit reducti
the deficit is much greater. when i think of the ways and means committee, would change their has been in the composition. the ranking member at a time when i started went to the world bank. i worked with bill on trade. he was handling the tax material mainly. and bill was working on health care at the time. i think a second major change is very much effective today and affects us today. it is this change in composition of the republican party. i think it has moved very much more to the right....
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Jan 15, 2013
01/13
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extended deficit financing. the longer term problem is to a very large extent the product of key entitlement program that are an important part of the nation's safety net for the elderly. slowing the growth of spending in the nation's entitlement program help make programs secure for current and future workers, and we think that's very important. by 2035, there's only two workers per beneficiary, and a typical 65-year-old retiree, has a 50% longer retirement than occurred in 1995. this is a very serious issue. currently, the social security retirement is as a pay as you go system that provides more annual benefits than the payroll tax collects. if left alone, this eventually will need to insolvency, particularly with the rapidly increasing number of baby boomers who are retiring every day as was referred to by mya and louis. i don't have the programmatic expertise to suggest the right solutions, but it's important to analyze the acceptable message to assure that these programs can be available to future retirees
extended deficit financing. the longer term problem is to a very large extent the product of key entitlement program that are an important part of the nation's safety net for the elderly. slowing the growth of spending in the nation's entitlement program help make programs secure for current and future workers, and we think that's very important. by 2035, there's only two workers per beneficiary, and a typical 65-year-old retiree, has a 50% longer retirement than occurred in 1995. this is a...
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Jan 19, 2013
01/13
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growing economy along with making meaningful projects, with immigration reform, climate change, balanced deficit reduction, reducing gun violence and the implementation of the affordable care act. with me now, jim messina, the man responsible for re-electing the president and heading this new non-profit group and he's head of the inaugural parade. this is a busy time for you jim, huh? >> hi, craig, how are you? it's busy, but a lot of fun. >> let's start with this new group here. it's set up like a 501 -- it's set up as a 501c4 group which is different from a super pac. it's able to legally coordinate with the white house. how do you think that's going to help the mission? >> look. we went out and surveyed our members across the country and two things became very apparent. one, they wanted to stay together. they had built something very special through two very tough presidential campaigns and two, they wanted to continue to work on the issues that motivated them to get involved with barack obama in the first place. you talked about them, the economy. immigration reform, climate change. all thin
growing economy along with making meaningful projects, with immigration reform, climate change, balanced deficit reduction, reducing gun violence and the implementation of the affordable care act. with me now, jim messina, the man responsible for re-electing the president and heading this new non-profit group and he's head of the inaugural parade. this is a busy time for you jim, huh? >> hi, craig, how are you? it's busy, but a lot of fun. >> let's start with this new group here....
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Jan 18, 2013
01/13
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FBC
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if we don't get at military industry complex, and social insurance we're kidding ourselves, the deficits will grow. neil: then what. i don't see anything being done. >> i think that is why i say the budget is a doomsday machine, we face a permanent fiscal cliff of 8% gdp gap. i see a constant political battle, every year there will be a deb debt ceiling crisis. neil: what do you think of the president? >> you know you can't have a dictate adictatorship, you havea bad blow up in financial markets. neil: is that coming? >> i do think so, a blame bernanke more than anybody else for the mess, when he said you can borrow money for 3 years to pay federal deficit at 30 basis points that is a rounding error to congress ha is zero, why is anyone going to stand up to social insurance, military industrial complex, the subsidies this bill, 60 billion boondoggle they passed for relief, who'll stand up to that stuff, when the great man, and said i'll take care of it, i'll keep interest at rock bottom. i'll print the money, i'll buy the bond. until we have a house cleaning in the fed, until we get rid
if we don't get at military industry complex, and social insurance we're kidding ourselves, the deficits will grow. neil: then what. i don't see anything being done. >> i think that is why i say the budget is a doomsday machine, we face a permanent fiscal cliff of 8% gdp gap. i see a constant political battle, every year there will be a deb debt ceiling crisis. neil: what do you think of the president? >> you know you can't have a dictate adictatorship, you havea bad blow up in...
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Jan 14, 2013
01/13
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and ironically, would probably increase our deficit. so to even entertain the idea of this happening, of the united states of america not paying its bills, is irresponsible. it's absurd. as the speaker said two years ago, it would be, and i'm quoting, speaker boehner now, a financial disaster not only for us but for the worldwide economy. so we've got to pay our bills. and republicans in congress have two choices here, they can act responsibly and pay america's bills or they can act irresponsibly and put america through another economic crisis. but they will not collect a ransom in exchange for not crashing the american economy. the financial well being of the american people is not leverage to be used. the full faith and credit of the united states of america is not a bargaining chip. and they had better choose quickly because time is running short. the last time republicans in congress even flirted with this idea our aaa credit rating was down graded for the first time in our history, our businesses created the fewest jobs of any mont
and ironically, would probably increase our deficit. so to even entertain the idea of this happening, of the united states of america not paying its bills, is irresponsible. it's absurd. as the speaker said two years ago, it would be, and i'm quoting, speaker boehner now, a financial disaster not only for us but for the worldwide economy. so we've got to pay our bills. and republicans in congress have two choices here, they can act responsibly and pay america's bills or they can act...
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Jan 17, 2013
01/13
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is for the two sides to get together to come up with a comprehensive debt and deficit reduction plan. the debt ceiling and all around it doesn't really solve the problem. it is a waste of time. adam: let me interrupt you because we have had this debt ceiling essentially part of our discussion for almost 100 years, going back to 1917 with the issue of liberty bonds. now today we talk about the debt ceiling and we talk about its impact, this debate for the people who are watching, and, getting to this craziness we see the market reacting in a way you can't anticipate. what would happen to our 401(k) if congress he said they have to get together, i was thinking two words, "good luck." whether they can't do something? >> if they don't raise the debt ceiling and let's say we get debt downgrades, the market has a fit basically and drops as they did in 2011, all our investments will get hit. the stock market will go down as it did in a big way in the summer of 2011. on the other hand, if they extend the limits, the debt ceiling limit and do something more, maybe not a grand compromise, somet
is for the two sides to get together to come up with a comprehensive debt and deficit reduction plan. the debt ceiling and all around it doesn't really solve the problem. it is a waste of time. adam: let me interrupt you because we have had this debt ceiling essentially part of our discussion for almost 100 years, going back to 1917 with the issue of liberty bonds. now today we talk about the debt ceiling and we talk about its impact, this debate for the people who are watching, and, getting to...
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Jan 20, 2013
01/13
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combines tough spending cuts with the balanced way to row deuce the deficit -- to reduce the deficit that, of course, includes revenue. includes asking the wealthiest americans in particular to pay their fair share. >> we have been on that issue and the republicans say that issue is behind us when it comes to taxs. >> take a look at what is in the package in terms of spending. additional savings from medicare and medicaid in it. savings from agricultural sub is sidis. the president already signed a trillion dollars of deficit reduction into law and committed to more spending cuts but we can't just cut our way to prosperity. we have toasting to invest in things like -- we have to continue to invest in things like education and energy. he put reducing the deficit in a balanced way to promote jobs for middle class families and that is going to be his guiding principle through the negotiations. >> i want to ask you quickly about the republican idea. would you support it but with the caveat they are telling the senate you haven't passed a budget in more than three years and you need to do
combines tough spending cuts with the balanced way to row deuce the deficit -- to reduce the deficit that, of course, includes revenue. includes asking the wealthiest americans in particular to pay their fair share. >> we have been on that issue and the republicans say that issue is behind us when it comes to taxs. >> take a look at what is in the package in terms of spending. additional savings from medicare and medicaid in it. savings from agricultural sub is sidis. the president...
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Jan 17, 2013
01/13
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did you sense there was a deficit of trust between, say, you and the president early on? in afghanistan? >> if you think of any complex endeavor that you're a part of, and you're going to do it with a team of people, if you don't trust them at the outset, you're going to have to develop trust very quickly. >> and he never chose you in this case. do you think that's the issue? >> i think he was involved. i was chosen by secretary gates, and clearly approved by the president. so i wases his commander. i replaced general mckiran in june of 2010. i think, though, there are a number of things. i think people underestimate the difference between the cultures of the civilian culture and military culture. it's not an opposition. they are just different. so they use different words, different backgrounds. they have a different understanding sometimes of history. plus a new administration comes in, any new administration, doesn't matter which party. and they've got to form a team and they're trying to internally form a team and also trying to form a team with people like dod. i wan
did you sense there was a deficit of trust between, say, you and the president early on? in afghanistan? >> if you think of any complex endeavor that you're a part of, and you're going to do it with a team of people, if you don't trust them at the outset, you're going to have to develop trust very quickly. >> and he never chose you in this case. do you think that's the issue? >> i think he was involved. i was chosen by secretary gates, and clearly approved by the president. so...
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Jan 15, 2013
01/13
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the problem is we deficit spend about 3 to 4 billion dollars a day. we collect, we spend about 10 billion a day and that means that we deficit. we have to borrow 3 to 4 billion dollars a day. we spend more than 700 million dollars a day in interest on a national debt. there are lots of things to do. the president has lots of discretion to curb back that spending to make sure that social security payments are paid, interest is paid we don't default on our debt. >> greta: you know, when he voted as a u.s. senator against the debt ceiling, he talked in essence how irresponsible it was to raise the debt ceiling. what in the world happened between then and now? why does somebody responsible for something raise the debt ceiling that wasn't before? what's the difference? >> i think that the president was terribly irresponsible, to say he's not talking about it because he's above it to blame congress, in part congress creates this problem, but we're going to solve this problem. i got elected to uphold the constitution and leave this country better than how we
the problem is we deficit spend about 3 to 4 billion dollars a day. we collect, we spend about 10 billion a day and that means that we deficit. we have to borrow 3 to 4 billion dollars a day. we spend more than 700 million dollars a day in interest on a national debt. there are lots of things to do. the president has lots of discretion to curb back that spending to make sure that social security payments are paid, interest is paid we don't default on our debt. >> greta: you know, when he...
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Jan 20, 2013
01/13
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he believes the deficit is a problem and deficit reduction is a priority. when you look at the approval rate of americans on handling of the economy, it's split half and half with support for the president and 49% versus 48% disapproving. there's a little room to do a big thing. this president is a deficit hawk. >> i'm afraid ezra is right in describing what we are going to be obsessed with. there are a lot of big things left. we had inequality rising in the country for three decades. poverty going up because of the recession. it's a big problem in the country. we had the flight of manufacturing jobs until recently. there's a bit of a turn around there. it seems to me president obama's biggest priority should not be the deficit. it should be restoring shared economic growth. yes, we need to do something about the long term deficit. i think the big argument is going to be between people who want to argue that the whole deal is deficit reduction. let's spend all our time putting on our green eye shades and talking these numbers. ezra will be excellent in desc
he believes the deficit is a problem and deficit reduction is a priority. when you look at the approval rate of americans on handling of the economy, it's split half and half with support for the president and 49% versus 48% disapproving. there's a little room to do a big thing. this president is a deficit hawk. >> i'm afraid ezra is right in describing what we are going to be obsessed with. there are a lot of big things left. we had inequality rising in the country for three decades....
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Jan 14, 2013
01/13
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the deficit. there has probably been more pain and drama in getting there than we needed. so finishing the job shouldn't be that difficult if everybody comes to the conversation with an open mind and if we recognize that there's some things like not paying our bills that should be out of bounds. all right? i'm going to take one last question. jackie colmes. >> mr. president. >> yeah. >> i like to ask you, now that you reached the end of your first term, starting your second, about a couple of critsims. one longstanding, another more recent. the longstanding one seems to become a truism of sorts that you and your staff are too insular. that you don't socialize enough. and the second, more recent criticism that your team taking shape knit diverse, isn't as diverse as it could be or even was in terms of getting additional voices, gender, race, ethnic diversity. i would like you to address both of those. >> let me take the second one first. you know, i'm very proud in the first four years we had as di
the deficit. there has probably been more pain and drama in getting there than we needed. so finishing the job shouldn't be that difficult if everybody comes to the conversation with an open mind and if we recognize that there's some things like not paying our bills that should be out of bounds. all right? i'm going to take one last question. jackie colmes. >> mr. president. >> yeah. >> i like to ask you, now that you reached the end of your first term, starting your second,...
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Jan 14, 2013
01/13
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the deficit. is that really the objective? the concern is we are spending more than we take in. that is the case, there is a way of balancing that so that we take in more money, increasing revenue, and we reduce spending. there is a recipe for getting that done. in the conversation i had was speaker boehner by the end of the year, we became pretty close, a few hundred dollars -- a few hundred billion separating us. it seems as though what is motivating this from the house republicans is more than debt reduction. they have a vision about what government should and should not do. they are suspicious about government policy commitment to make sure that seniors have decent health care as they grow older. they have suspicions about social security. they have suspicions about whether government should make sure that kids in poverty are getting enough to eat or whether we should be spending money on medical research. they have a particular view about what government should do and should be. that deal was
the deficit. is that really the objective? the concern is we are spending more than we take in. that is the case, there is a way of balancing that so that we take in more money, increasing revenue, and we reduce spending. there is a recipe for getting that done. in the conversation i had was speaker boehner by the end of the year, we became pretty close, a few hundred dollars -- a few hundred billion separating us. it seems as though what is motivating this from the house republicans is more...
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Jan 17, 2013
01/13
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eye 67
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impact of extended deficit financing. the longer term problem is to a very large extent the product of the key entitlement programs that are in a part of part of the nation's safety net for the elderly. slowing the growth of spending in the nation's in title at program can help make these programs secure for current and future workers and we think that's very important. by 2035, there will be only two workers per beneficiary and a typical 65-year-old retiree would have about a 50% longer retirement than had occurred in 1995. this is a very serious issue. currently the social security retirement is a pay-as-you-go system that provides more annual benefits than the payroll tax collectors. if left alone, this eventually will lead to insolvency particularly with the rapidly increasing number of baby boomers retire in every day as was referred to by maya and louis. there isn't time today nor do i have the proven expertise to suggest specific solutions it's important that the contras and the administration analyze acceptable me
impact of extended deficit financing. the longer term problem is to a very large extent the product of the key entitlement programs that are in a part of part of the nation's safety net for the elderly. slowing the growth of spending in the nation's in title at program can help make these programs secure for current and future workers and we think that's very important. by 2035, there will be only two workers per beneficiary and a typical 65-year-old retiree would have about a 50% longer...
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Jan 17, 2013
01/13
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that difference represents a deficit of $1.1 trillion. so you can see we are very close to being at a 60 year high in spending, and very close to being at a 60 year low in revenue. so i would say to those who say we just have a spending problem, i think you got that half right. i think we've also got a revenue problem. that needs to be addressed. let's go to the next slide if we can. the result of these deficits and debt is that we now have a gross debt that is more than 100% of our gross domestic product. you can see right in the middle of that graph, in 2012, the gross debt of the united states has now reached 104%. why does that matter? the best academic research, a book by rogoff of harvard, reinhard, the university of michigan i think she was when she did the study, look at 200 use of economic history. and concluded once you get a gross debt of more than 90% of your gross domestic product, your future economic prospects are dramatically reduced. future economic growth is reduced anywhere from 25 to 33%. so these are not just numbers
that difference represents a deficit of $1.1 trillion. so you can see we are very close to being at a 60 year high in spending, and very close to being at a 60 year low in revenue. so i would say to those who say we just have a spending problem, i think you got that half right. i think we've also got a revenue problem. that needs to be addressed. let's go to the next slide if we can. the result of these deficits and debt is that we now have a gross debt that is more than 100% of our gross...
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because when interest rates go up, that means the deficit will go up. so we make the problem worse by taking this route if we go down this pathway. >> i want to throw three terms at you that we've had to stomach out in america. debate over the fiscal cliff, the debate over the debt ceiling and the budget show dunn. all three of these very serious. but which is the most serious. >> the debt ceiling could do damage to our countries for decades to come if we hit it and don't expect the problem. this is the most dangerous thing. this is almost a nuclear option. this is really playing with very dangerous things. and one little mistake could be devastating to our country. >> and yet you still come on day after day and smile with me. thank you. always good to see you. >>> by the way, i just want to remind you if you're doing the math, the treasury says it might come up short in its payments as soon as february 15th. ♪ [ male announcer ] some day, your life will flash before your eyes. make it worth watching. introducing the 2013 lexus ls. an entirely new pur
because when interest rates go up, that means the deficit will go up. so we make the problem worse by taking this route if we go down this pathway. >> i want to throw three terms at you that we've had to stomach out in america. debate over the fiscal cliff, the debate over the debt ceiling and the budget show dunn. all three of these very serious. but which is the most serious. >> the debt ceiling could do damage to our countries for decades to come if we hit it and don't expect the...
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we have a huge spending deficit problem. they were considering for well over a week the notion of just mint inging a trillion dollar c and calling it good. the federal reserve said that's phony. that doesn't work. and the treasury department on saturday said okay, you are right. we won't go that route. we need serious proposals from the president and it is not just the congress. it is -- we got to work together to solve the country's problems. >> let me -- let me split off debt limit here. are you willing to do the debt limit on its own without any -- president say he's not going to negotiate, are you willing to pass a clean debt limit? >> you know, i think passing a clean debt limit is problematic for the american people as well as for the congress and the country. i think that we should find common ground here to look at spending reforms for the long term to gettous a path to reducing debt and deficit. i think we should look at current spending reductions that could take place and in ways we can grow the economy. i would l
we have a huge spending deficit problem. they were considering for well over a week the notion of just mint inging a trillion dollar c and calling it good. the federal reserve said that's phony. that doesn't work. and the treasury department on saturday said okay, you are right. we won't go that route. we need serious proposals from the president and it is not just the congress. it is -- we got to work together to solve the country's problems. >> let me -- let me split off debt limit...
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the deficit. so it should not be surprising, given all the talk, the it the american people think washington is hurting rather than helping the country at the moment. they see their representatives concerned over paying the bills while they overwhelmingly want to focus on growing the economy and creating more jobs. so let's finish this debate and give it businesses and the world the certainty our economy and reputation are still second to none of. we pay our bills. we handle our business, and then we can move on, because america has a lot to do. we have to create more jobs, boost the wages of those that have worked and reached for energy independence, reformed immigration system. we have to give our children the best education possible and do everything we can to protect them from the horrors of gun violence. i am grateful to vice president biden for his work on this issue of gun violence and for his proposals, which i will review later today and address in the next few days and intend to vigorous
the deficit. so it should not be surprising, given all the talk, the it the american people think washington is hurting rather than helping the country at the moment. they see their representatives concerned over paying the bills while they overwhelmingly want to focus on growing the economy and creating more jobs. so let's finish this debate and give it businesses and the world the certainty our economy and reputation are still second to none of. we pay our bills. we handle our business, and...
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Jan 16, 2013
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and the other factor, too, is we can't forget that one of the best anecdotes to a deficit is a strong, growing economy, particularly growing jobs. and so there are things we have to do to grow jobs. >> i think everybody agrees on the jobs front. anyway, senator jack reed, democrat from rhode island, the senior man when it comes to military affairs in the u.s. senate these days. thank you, sir. >> thank you. >>> up next, the presidential limo gets tagged a political punch. and the second term shuffle continues. another cabinet secretary announces his time for departure. >>> plus, former president bill clinton speaks out on secretary clinton's health and how it could affect any ambitions she might have for 2013. >>> but first, today's trivia question. how many presidents have been inaugurated in an even-numbered year? tweet me the answer, @chucktodd and @dailyrundown. the first correct answer gets a follow we say from us. the correct answer and more is coming up on t"the daily rundo " rundown." nothing. are you stealing our daughter's school supplies and taking them to work? no, i was j
and the other factor, too, is we can't forget that one of the best anecdotes to a deficit is a strong, growing economy, particularly growing jobs. and so there are things we have to do to grow jobs. >> i think everybody agrees on the jobs front. anyway, senator jack reed, democrat from rhode island, the senior man when it comes to military affairs in the u.s. senate these days. thank you, sir. >> thank you. >>> up next, the presidential limo gets tagged a political punch....
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Jan 21, 2013
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you're going to need more revenues as well as more cuts to get the deficit down. and i've talked to leader reid. i've talked to budget chair murray. we're going to do a budget this year. and it's going to have revenues in it. and our republican colleagues better get used to that fact. >> senator cruz? >> david, i'll mention there was an area of substantial agreement with what chuck just said. he said we should never, ever compromise the full faith and credit of the united states. i agree. and in fact, there is a bill that i am co-sponsoring, the full faith and credit act, which provides that, regardless of what happens to the debt ceiling, the united states will always, always, always meet its debt. we will never default on its debt. that was introduced in 2010. it didn't pass because harry reid and president obama didn't want it to pass. they wanted to raise the specter of a default to use. so, chuck, you and i could make news right now on national television, would you agree to support the full faith and credit act and take the possibility of a default off the t
you're going to need more revenues as well as more cuts to get the deficit down. and i've talked to leader reid. i've talked to budget chair murray. we're going to do a budget this year. and it's going to have revenues in it. and our republican colleagues better get used to that fact. >> senator cruz? >> david, i'll mention there was an area of substantial agreement with what chuck just said. he said we should never, ever compromise the full faith and credit of the united states. i...
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it doesn't create new deficit spending. so not raising the debt ceiling is sort of like a family that's trying to improve its credit rating. families that say, i know how we can save money, we won't pay her credit card bills. it was the sole solution to the debt ceiling in august of 2011 in the u.s. downgraded last time. so all these issues are important and it's very important that congress take necessary action to raise the debt ceiling to avoid a situation where government doesn't pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in a deal, it certainly went part way, but leaves a number of issues still on the table. would you care to raise that as an additional fiscal cliff that is facing us? would you think that it's not as concerning as it was when you raise that term initially? >> as i said the fiscal cliff, if it is allowed to take place, it probably would have traded a recession this year. a good bit of that has been addressed. nevertheless, we stil
it doesn't create new deficit spending. so not raising the debt ceiling is sort of like a family that's trying to improve its credit rating. families that say, i know how we can save money, we won't pay her credit card bills. it was the sole solution to the debt ceiling in august of 2011 in the u.s. downgraded last time. so all these issues are important and it's very important that congress take necessary action to raise the debt ceiling to avoid a situation where government doesn't pay its...
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it will be planned to slowly but surely, what our nation out of debt, deficit, and declined garrett on your behalf, we will insist the democrats who run the rest of washington to the same. this debate is often argued in numbers and figures but it is really about and families like yours that bear the burden of a slow economy. constant uncertainty and. ever-changing government rules chase our jobs and opportunities overseas. when day to day life costs more and jobs pay less, we do not solve the problem by delaying our cattle decision -- spending decisions, raising taxes, or refusing to answer the most pressing economic challenges. with the swearing in of a new congress and the inauguration of president obama, this is an opportunity for a fresh start. government debt affects all of us. republicans will not to to provide a blank check for uncontrolled spending and constant nickel and dime tax increases. we should gut washington's budget, your budget. these are the challenges of our times. we have the guidance of great leaders in the past who have faced tougher challenges than this with gra
it will be planned to slowly but surely, what our nation out of debt, deficit, and declined garrett on your behalf, we will insist the democrats who run the rest of washington to the same. this debate is often argued in numbers and figures but it is really about and families like yours that bear the burden of a slow economy. constant uncertainty and. ever-changing government rules chase our jobs and opportunities overseas. when day to day life costs more and jobs pay less, we do not solve the...